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200705723 reasonably requested by Borrower in connection with a permanent loan and related trust deed, to be obtained by Owner to payoff such construction loan, and to be senior to the Note and the Trust Deed. In the event of a default under the Borrower Loan, Borrower covenants and agrees to do all things reasonably necessary to give effect to the intent of this Assignment, including but not limited to executing any other or further documents necessary or reasonably requested to protect the interest of Lender or confirm the existence of this Assignment and, if necessary, to join with Lender, at Lender's expense, in asserting any claims against any makers under the Note or Trust Deed, and to remit any proceeds collected thereafter on the Note and Trust Deed to Lender. This is a collateral assignment as security for the Borrower Loan. Notwithstanding anything to the contrary in this Assignment, upon maturity of the Note, so long as there is no event of default under the Borrower Loan, Borrower shall be entitled to retain all payments received in connection with the Note and Trust Deed and Lender shall have no right whatsoever to exercise any of its rights under this Assignment until there is an Event of Default under the Borrower Loan. Borrower agrees that Lender may enforce its right with respect to the Note and Trust Deed upon any Event of Default (as defined under the Note) occasioned by the failure of the Owner to comply with the covenants set forth in the Note, the Borrower Loan, and in particular in the event of any failure to comply with the application submitted by Borrower or owner of the Property for Affordable Housing Program funds or with the requirements of the Affordable Housing Program rules and regulations as in effect on the date of this agreement. This Assignment and the covenants contained herein shall inure to the benefit and be finding upon the successors and assigns of the respective parties hereto. EXECUTED as of the date first set forth above. "Borrower" By: STATE OF NEBRASKA ) ) ss. COUNTY OF LqflCCL6f&- ) The foregoing instrument was acknowledged before me this ~ day of June, 2007, by H. Dean Graham as President of Midwest Housing Initiatives, Inc., a Nebraska Nonprofit Corporation, on behalf of such corporation. WITNESS by hand and official seal. { GTARY-State 01 Nebraska BRIAN J. ANDERSEN My Comm. Exp. Jan. 1, 2009 ~~~ Notary P hc ..."..